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Sam
Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Me and my wife, have brought a house in our name five

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Hi , Me and my wife, have brought a house in our name five years ago but our son has lived in this house for five years and has paid for the refurb and all alterations plus lent us £80,000 to put down on the deposit, The property is worth £450,000 and there is £220 to pay off for the mortgage. Is there a way that we don't pay any CG as our son will be losing out as the house owes him £215,000 for what he has put in.
Regards *****
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi S Wilkins Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.I am sorry to say you will be liable to capital gains IF the property has increased in value from the ate of purcahse to the date of sale. (which will refurb work I imagine it has, yet you will not be able to claim these costs as in your sons name) this is due to the fact you you are to sell a property legally in your name, which has never been your main residence. All I can propose is that you have your son agree (in writing) that he will make good the capital gain bill, from any profits he draws on the house sale - and then retains the rest as you deem fit. You will each (you are your wife) have the first £11,100 exempt of gain as this is your annual exemption allowance) Thanks Sam
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